9 Aug

Home repossession numbers in the UK falling

Home repossession numbers in the UK falling

The volume of homes in the UK that are being repossessed has fallen thanks to the continued low interest rates, which keep repayment levels lower than in the past, a new report has stated.

According to findings published by the Council of Mortgage Lenders (CML), the volume of repossessions in the last quarter amounted to 7,700, a four per cent fall when compared to the three months that came before.

It also represents a large fall when held up against the worst period, 2009, when there were 49,00 homes repossessed in the space of just a year.

The CML said that it was the positivity reported this week by the Bank of England, in which it said base rates would not rise until employment tops 93 per cent, which could take three years, which would prove the best news for buyers looking for affordable repayments.

"Yesterday's message from the Bank of England provides some encouragement to those borrowers who are struggling that any rise from the current historically low Bank rate will be linked to an improvement in the wider economy," said the CML's head of policy, Jackie Bennett.ADNFCR-1222-ID-801623371-ADNFCR

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